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The Inflation Reduction Act of 2022 can save your family a tremendous amount of money!

How The Inflation Reduction Act Can Help You

Posted: February 27, 2023 by Hey Neighbor

Here's why Northeast Ohio residents should care about the Inflation Reduction Act (IRA) of 2022 - it's an outstanding opportunity for your family. As a conscientious homeowner, you always want to improve your comfort and save money at the same time. The IRA gives you a winning strategy to do both.

Signed into law in August 2022, the IRA provides tax credits and rebates to encourage homeowners to swap out their old appliances for high-efficiency units that perform better at a lower operating cost.

Are your furnace and air conditioning units ten years old - or older? If the answer is yes, now is the perfect time to replace them - or switch to a heat pump.

Maximizing your benefit from the IRA

Our neighborly team feels that the best starting point is with a professional energy audit. Hey Neighbor Heating & Cooling can identify areas in your home where you can save money and reduce your carbon footprint, allowing you to make the most of the tax credits and rebates.

Our trained specialists will recommend the best heating, cooling, and indoor air quality (IAQ) products for your home that carry Energy Star® certification and qualify for financial incentives. Even better, the IRA features a partial tax credit of up to $150 on energy audits. Schedule one today!

Tax credits

The IRA extends the existing Energy-Efficient Home Improvement Credit (Section 25C) and the Residential Clean Energy Credit (Section 25D) to include homeowners. The tax credits are offered through 2032 and apply retroactively to products installed as early as January 1, 2022. In addition, you can claim 30% of the project cost for heating and cooling improvements. The maximum credits are:

• Furnaces and boilers - up to $600
• Air conditioners - up to $600
• Heat pumps - up to $2,000
• Geothermal systems - up to 30% on purchase and installation
• Solar paneling - up to 30% on purchase and installation

Here's a closer look at HVAC products and their eligibility requirements:

• Gas furnaces must have an annual fuel utilization efficiency (AFUE) rating of at least 97%.
• All ducted air-source heat pumps with the Energy Star® label qualify.
• Split air conditioning systems must have a Seasonal Energy Efficiency Rating (SEER2) of 16 or more.
• All packaged systems with Energy Star® certification are eligible.
• Gas boilers with an AFUE of at least 95% qualify.
• Oil-fueled boilers and furnaces must be capable of using fuel blends.

But why buy now? One compelling reason is that rising fuel prices mean you pay more every time you turn on your HVAC system. Fortunately, according to the U.S. Department of Energy, you can cut your utility bills in half with high-efficiency equipment and proper maintenance.

Rebates

The IRA reserved a $4.3 billion budget, with money allocated to each state for disbursement. Funding varies from state to state, and eligibility is income-based. For example, the High-Efficiency Electric Home Rebate Act covers 100% of electrical project costs (up to $14,000) for low-income households and 50% of costs (up to $14,000) for middle-income households. Here's how some of these rebates work:

• $8,000 for a heat pump
• $4,000 for an upgraded breaker box
• $2,500 for upgraded electrical wiring
• $1,750 for a heat pump water heater
• $1,600 for insulation, sealing, and ventilation
• $840 for an electric stove, range, or oven
• $840 for an electric clothes dryer

The rebate program isn't available to all households. Because the funds are allocated to state offices, each state decides how to distribute its money to a certain degree, and it will take awhile to implement the rebate program. The tax credits, on the other hand, are in place now and will continue to be for the next decade.

Buy now and save!

All of us here at Hey Neighbor Heating & Cooling want you to enjoy the most comfort for your family, and to save money, too. Remember to keep your receipts and other relevant records so that you can claim the purchase when you file your taxes and apply for these rebates.

By taking advantage of the IRA's benefits, you'll lower your energy use, help preserve our state's natural resources, and save money! The initial cost is typically the biggest obstacle to upgrading your heating and cooling system, and the Inflation Reduction Act of 2022 overcomes that barrier. Have more questions about the IRA? You can read all about it on the Environmental Protection Agency's website.

And, of course, we're always happy to help our neighbors in Northeast Ohio. So call us today, and we'll make you and your wallet as comfy as we can!

 


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About Our Blog

Containing the most current and easy-to-read expert information in the world of heating and cooling, our blog is intended to help you stay "in the know" and make the best decisions when it comes to keeping your home and family comfortable and your HVAC system trouble-free. That's how neighbors should treat neighbors!™

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Why Choose Hey Neighbor?

We're committed to providing fast friendly emergency service 24 hours a day 7 days a week for residential heating and air conditioning systems in Wooster, Millersburg and the surrounding areas.

Our 24-hour emergency on-call service means you'll never have to go through another cold winter night or a hot, humid summer day. We service residents of Wayne and Holmes counties with no after-hours or overtime fees, so you'll never have to worry about paying extra because your furnace or air conditioner decided it wanted to quit on the weekend or a holiday!

Our service trucks are ready for your emergency after-hours service call with over 5000 stocked parts so you don't have to wait for us to chase down the parts you need.

Expert Local Service

Furnace and AC Repair

Furnace and AC Repair

Fast and done right the first time

We'll keep your Wayne County furnace running smoothly, and we service gas and electric heaters, heat pumps, ductless mini-split systems and more. Our local, licensed, friendly HVAC technicians drive fully-stocked service vans so when we troubleshoot your Holmes County HVAC system and find a faulty part, we can replace it right then! Whatever you need in the area of heating and cooling repair in Wooster, Millersburg, and the surrounding areas, we've got you covered!

Installs and Upgrades

Installs and Upgrades

The right system for your home

Whether you're a homeowner in Rittman who's in the market for a new, high-efficiency furnace, a mobile home owner in Shreve who's tired of baking in the summertime or you're a property manager in Dalton looking to replace old, temperamental air conditioning systems in apartments with new reliable units, our experience enables us to quickly and accurately assess your HVAC needs. You'll get the new furnace install and central air conditioning upgrade that's right for you.

System Maintenance

System Maintenance

Protect your investment

While we don't mind visiting your home for a dead-of-winter breakdown (it's what we do), we want to help you avoid that unfortunate situation altogether. That's why we offer affordable Wayne and Holmes County seasonal HVAC maintenance to reduce the future need for heating and cooling repairs. Our thorough inspections catch little problems before they become big ones. An annual HVAC tune-up by one of our expert techs saves you money, time, and stress!

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